One-time extension in Export Obligation for bonafide default in respect of old Advance Licences

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....1st March, 1998, and part of exports have been effected outside the validity of the export obligation period, extension in export obligation period is allowed upto the said date (31st March, 1998) for regularisation purpose, on payment of an amount (herein after referred to as composition fee) equivalent to 5% on that part of the F.O.B value of exports which falls outside the approved export obligation period. The composition fee shall be recoverable only in respect of those cases where a penalty of 5% was not paid in terms of Public Notice No. 38/(PN)/1997-2002 dated 1st September, 1997; ii. Where no export and / or import has been made till the date of issue of this Public Notice , no extension in export obligation period of licence will....

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....e special types of advance licences (QBAL and VABAL) had been issued sub-group wise as per Standard Input-Output Norms (that is, with quantity and/or value limits prescribed for each sub-group), where exports were completed upto 31.3.1998, such licences may be allowed to be regularised on pro-rata basis to the extent of exports made against the inputs allowed sub-group wise and not with reference to each and individual input, provided that the minimum value addition as was prescribed under the relevant broad-banded Standard Input-Output Norms is maintained. In such cases regularisation would be subject to payment of a composition fee of 5% on that part of the F.O.B value of exports which falls outside the approved export obligation period (....